USA News Group News Commentary

Issued on behalf of Scope AI Corp.

VANCOUVER, BC, May 2, 2024 /PRNewswire/ — USA News Group News Commentary – According to the International Monetary Fund (IMF), the integration of artificial intelligence (AI) will affect almost 40% of jobs around the world. While still early in the AI revolution, experts are stepping forward to help businesses across a wide variety of industries to embrace it. Analysts at Statista are projecting the Global AI Market will surpass $1.75 trillion by 2030. Now CIOs across multiple sectors are eager to scale their companies’ AI despite current difficulty demonstrating ROI, according to a new survey. Helping to get companies swiftly, safely, and economically on board with AI are a wide variety of tech companies moving things forward with recent developments this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), NVIDIA Corporation (NASDAQ: NVDA), Snowflake Inc. (NYSE: SNOW), CrowdStrike Holdings, Inc. (NASDAQ: CRWD), and Baidu, Inc. (NASDAQ: BIDU).

The article continued: Experts are championing the power of progress in AI integration, as it is already being recognized one of the most significant disruptive technology movements in a generation. This wave of integration requires the right help, the right minds, and discernment. 

SCOPE AI PROVIDES CORPORATE UPDATE

Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. With the latest advancements to Scope’s proprietary technology, Scope’s focus has broadened in addition to past announced realized technology applications to developing a one-stop web solution for developers and individuals, as well as businesses, large and small, to create, build, and use their own image detection, behavior analysis and neural network systems for their customer business case.

Highlights of Scope’s New Developments

●          Broad based one tool solution for businesses to develop their own artificial intelligence object  detection and visual information system.

●          Application will focus on allowing companies to test how visual variations in creatives and user flows affect performance

●          GEM will allow companies in any industry to harness the power of neural networks for their own unique use cases

●          Beta version of new GEM system expected to launch in late May 2024.

Over the last few months, Scope’s management and technology team have devoted a significant amount of time diversifying the GEM system. The new one-tool-solution for businesses to develop their own object detection and visual information system will be offered through a proprietary platform launch by Scope in the second quarter of 2024. In particular, users will be offered the ability to easily render their own neural networks, annotate datasets and verify the inference improvements through various state of the art analytics tools.

The new GEM Platform comes as a SaaS web-application with advanced user management for administrators or supervisors (CRM), enhanced login and account security, as well as full data encryption built natively into the platform. Scope’s initial target market is the advertising, gaming and health care industries. Businesses of any size can easily onboard and start using the intuitive web-interface to build custom solutions for their respective businesses. An advanced Application Programming Interface (API) will also be made available later this year.

The beta version will allow Scope to determine optimal economics for the product offering as well as an initial industry focus. Currently, Scope is contemplating a recurring revenue subscription fee structure and a pay-as-you-play model on the platform in order to best meet the needs of the client in a flexible way. A final decision on a revenue model will be determined after beta testing.

CONTINUED… Read this and more news for Scope AI at:  https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/

In other industry developments and happenings in the market this week include:

NVIDIA Corporation (NASDAQ: NVDA), a pioneer in accelerated computing and the global leader in manufacturing GPUs used in AI infrastructure, recently announced the acquisition of GPU orchestration software provider Run:ai, an Israeli startup that promotes efficient cluster resource utilization for AI workloads across shared accelerated computing infrastructure.

AI deployments for customers are becoming more complex, spreading across cloud, edge, and on-premises data centers. To manage tasks like generative AI, recommender systems, and search engines effectively, sophisticated scheduling is needed. This helps improve performance across the overall system and the underlying infrastructure.

NVIDIA targeted Run:ai for its ability to enable enterprise customers to manage and optimize their compute infrastructure, whether on premises, in the cloud, or in hybrid environments. Run:ai comes with a client list that includes some of the world’s largest enterprises across multiple industries, which use the Run:ai platform to manage data-center-scale GPU clusters.

“Run:ai has been a close collaborator with NVIDIA since 2020 and we share a passion for helping our customers make the most of their infrastructure,” said Omri Geller, cofounder and CEO of Run:ai. “We’re thrilled to join NVIDIA and look forward to continuing our journey together.”

Snowflake Inc. (NYSE: SNOW), a leading data cloud company, recently announced Snowflake Arctic, a state-of-the-art large language model (LLM) uniquely designed to be the most open, enterprise-grade LLM on the market. Snowflake Arctic comes with a unique Mixture-of-Experts (MoE) architecture, to deliver top-tier intelligence with unparalleled efficiency at scale, and is optimized for complex enterprise workloads, topping several industry benchmarks across SQL code generation, instruction following, and more. Inside of Snowflake will include NVIDIA NIM with NVIDIA TensorRT-LLM, vLLM, and Hugging Face, and will also be available on Amazon Web Services (AWS).

“This is a watershed moment for Snowflake, with our AI research team innovating at the forefront of AI,” said Sridhar Ramaswamy, CEO of Snowflake. “By delivering industry-leading intelligence and efficiency in a truly open way to the AI community, we are furthering the frontiers of what open source AI can do. Our research with Arctic will significantly enhance our capability to deliver reliable, efficient AI to our customers.”

CrowdStrike Holdings, Inc. (NASDAQ: CRWD), a global cybersecurity leader, recently announced it was named an Overall Leader in the KuppingerCole Leadership Compass, Identity Threat Detection and Response (ITDR) 2024: IAM Meets the SOC. CrowdStrike earned the honors by achieving a Leader position in every category: Product, Innovation, and Market, positioned furthest to the right and highest in Innovation among all vendors evaluated, achieving the overall highest position in the report.

“Adversaries increasingly exploit identities and credentials to ‘log in’ to an environment, move laterally and execute their attacks. ITDR is a critical component of cybersecurity and mitigating risk,” said Raj Rajamani, head of products, CrowdStrike. “By unifying identity and endpoint protection in a single platform, single agent architecture, customers can consolidate point products, drive down costs, and eliminate complexity. Our overall leadership in the report emphasizes our pioneering, platform approach to stop breaches.”

Baidu, Inc. (NASDAQ: BIDU), a leading AI company with a strong internet foundation, recently reached an agreement with Tesla to grant the EV manufacturing giant access to its mapping license for data collection on China’s public roads, according to a report from Reuters. As per the deal, sources say that Baidu will also provide its lane-level navigation to Tesla. In China, any intelligent driving system must secure a mapping qualification to operate on public roads. Foreign companies must collaborate with local partners that hold this license. Baidu is one of about a dozen companies that have obtained this necessary license.

The news of Baidu’s deal with Tesla came just after the announcement of Baidu’s second ERNIE Cup Innovation Challenge, which is open to entrepreneurial teams focused on AI-native applications from around the world.

“In the first ERNIE Cup Innovation Challenge, we received nearly 1000 team registrations,” said Robin Li, Co-founder, Chairman, and CEO of Baidu. “Baidu provided nearly RMB 100 million (US$13.8 million) in investment support to 15 winning teams and continued to provide comprehensive support in technology, team, and resources.”

Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/

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LONDON, May 2, 2024 /PRNewswire/ — ColCap Financial UK Limited (ColCap UK) and Molo Tech Limited (Molo) have successfully completed their first securitisation, ‘Molossus BTL 2024-1’.

The securitisation totals £300 million of prime UK buy-to-let mortgage loans in England and Wales. It is a Residential Mortgage-Backed Security (RMBS) transaction.

ColCap is a leading privately-owned, Australian non-bank lender specialising in residential mortgage loans. Founded in 2006, it has a loan portfolio in excess of AUS $14.0 billion. ColCap invested in Molo, an award-winning digital buy-to-let lender, in February 2023 via its UK subsidiary, ColCap UK.

The diversified pool of underlying mortgage assets has generated significant interest and strong investor demand.

The securitisation received a AAA(sf) rating from global credit rating agencies Fitch and S&P Global Ratings respectively. The ratings were for 87.5% of the pool and the senior tranche was priced at 0.95% over SONIA.

Macquarie Bank and Standard Chartered Bank acted as Joint Arrangers and Macquarie Bank, Standard Chartered Bank, and Citigroup acted as Joint Lead Managers.

ColCap UK’s Treasurer, Paolo Tanca, commented, “This deal represents a significant milestone for us, showcasing our ability to structure and execute successful RMBS transactions in the UK market. We are excited about the opportunities for future growth and expansion.“

Echoing this sentiment, ColCap UK’s Executive Director and COO, Esther Morley added “Today’s successful RMBS announcement demonstrates growing confidence in the UK property market and in the quality of Molo’s buy-to-let portfolio. This strategic move with Molo is the first of many and demonstrates our commitment to innovation. It also marks the beginning of a new chapter for ColCap in the UK market. It sets the stage for further collaborations and growth opportunities, benefiting both our UK operations and our broader global presence, including ColCap Australia.”

Commenting on the achievement from Molo’s perspective, CEO Matt Kimber, stated, “The success of this RMBS highlights the strength of Molo’s mortgage lending capabilities and the credit quality of our originations. It enables us to continue empowering landlords with accessible and innovative lending solutions while reinforcing our position as a leader in the buy-to-let mortgage market.” 

About ColCap

ColCap is a Sydney-headquartered privately owned leading non-bank lender specialising in residential mortgage loans. ColCap was founded in 2006 and currently has a loan portfolio in excess of AUS $14.0 billion.

ColCap lends in Australia and the UK primarily through:

• the Wholesale lending brand Origin Mortgage Management Services, which services Mortgage Managers that offer white-labelled mortgage loans;
• the Broker lending brand Granite Home Loans, which offers selected loan products to borrowers utilising aggregators and mortgage brokers;
• the award-winning Retail lending brand Homestar Finance, which offers mortgage loans directly to borrowers; and
• the digital mortgage lender Molo within the UK market, offering mortgage loans to both UK and non-UK resident borrowers

For further information about ColCap please visit www.colcap.co.uk

About Molo

Molo is an award-winning digital mortgage lender in the UK, established specifically to improve customers’ experience in obtaining a mortgage, leveraging technology to deliver simpler and faster online mortgage lending. Since it launched in 2018, Molo has led change in the UK mortgage industry with over £1.8 billion mortgage applications submitted across their digital platform to date.

Molo is backed by ColCap Financial Limited.

For further information about Molo please visit www.molofinance.com.

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New CEO visits 100 customers in first 100 days

LONDON, May 2, 2024 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced its financial results for the first quarter ending March 31, 2024. The results reflect the best start to the year in company history – an early victory for new CEO Mark Moffat, who was appointed on January 9th, 2024.

Summary of Q1 results:      

• Annual Recurring Revenue (ARR) up 26% YoY    
• Cloud Revenue up 20% YoY 
• Software Revenue growth up 19% YoY

A steadfast customer focus positions IFS as the demonstrable leader in all of the segments it serves. A position reinforced thanks to recent industry analyst reports recognizing IFS as the #1 vendor in terms of market share for Enterprise Asset Management (EAM) and Service Management.

IFS CEO Mark Moffat commented: “In my first 100 days as CEO, I have met with over 100 customers around the world, and they consistently tell me that our customer-centric approach is a key differentiator, especially in a world where we see our competitors peddling their own agenda over that of their customers’.

“Our Q1 results are the continuation of our relentless focus on what makes us successful: listening to and delivering value to our customers. It’s also what enables us to outperform the market quarter after quarter. Our customer focus is not only ingrained in our culture, but it also extends across our partner ecosystem and the work they deliver alongside us.”

Moffat added: “Industrial AI is a huge opportunity for our customers, and we are uniquely positioned to help them harness its potential. We have been developing industry-specific AI solutions that integrate seamlessly with our existing products and leverage the data we have to deliver game-changing outcomes.” Moffat concluded: “IFS has an edge because we have been having these conversations with our customers for years, and that has informed how we shape our technology and services. The results of the first quarter show that we are on the right track, and that our vision resonates.”

Key factors supporting IFS’s expansion:        

• A sharp uptake in demand for IFS.ai thanks to compelling Industrial AI use cases that are fast and easy to implement, and in turn able to rapidly deliver value. As more of these use cases roll out with every release of IFS Cloud, IFS is providing further capabilities for customers to innovate and differentiate within their respective fields.
• Welcoming a significant number of new customers who are moving from legacy vendors including SAP and IBM Maximo to IFS because of: IFS’s relentless pursuit of customer success; the single composable platform and common data model; consistent enhancements in industry functionality; and flexible deployment options that put customers in control. In the last quarter alone, Modulaire Group, NGE, Evergy and the US’s largest utility company, Exelon, have selected IFS as the modern, next generation alternative.
• Significant expansion of IFS within existing customers, who are similarly implementing IFS to replace outdated technology that exists in other areas of their business. With so many industrial companies looking to technology, and specifically IFS, to transform and grow, IFS is uniquely positioned to help customers improve supply chains, operate more efficiently and ultimately deliver amazing Moments of Service that stand out. For example, many manufacturers are expanding their use of IFS with IFS’s Connected Worker solution from Poka to better manage, enable and improve the productivity of their factory workers.

IFS Chief Financial Officer, Matthias Heiden, added, “Market conditions in 2024 are still volatile which puts our performance trajectory into context. 26 percent ARR increase year-on-year combined with strong subscriptions renewals is setting us up for continued steady growth in 2024.” Heiden continued: “This means we are able to prioritize investment in people and in technology bringing even more innovation into our bi-annual releases.” Heiden concluded: “We have worked hard to get to this point, and we are seeing financial benefits deep into our business with all the metrics continuing to accelerate in the right direction.”

Investments in key markets such as the US, Europe, and Japan are slated to continue through 2024, bolstering regional performance by driving increased demand for IFS.ai. In Q1 the company also launched a significant brand campaign across the US, including out-of-home advertising at the largest airports in North America, becoming the Big Ten Conference’s Official Technology Partner, and a Patron of MIT’s Center for Information Systems Research.

IFS is also pleased to today publish the 2023 IFS Sustainability Report, which details the company’s strategy, approach and achievements delivering on its own sustainability targets as well as supporting customers to achieve their ESG goals. The report, alongside an ESG Fact Sheet, is available here: https://www.ifs.com/assets/all-products/ifs-sustainability-report-2023

Financial Highlights for Q1 FY2024:      

• Q1 FY2024 software revenue was EUR 217m, an increase of 19 percent versus Q1 2023.  
• Q1 FY2024 recurring revenue was EUR 209m, an increase of 21 percent versus Q1 2023.
• Q1 FY2024 net revenue was EUR 269m, an increase of 16 percent versus Q1 2023.

For more information about IFS’s historical financial performance, please visit: https://www.ifs.com/about/financial-information.

Contact information.

EUROPE / MEA / APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: https://www.ifs.com/about/financial-information.

Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan
FS, Director of Corporate & Executive Communications
Email: https://www.ifs.com/about/financial-information.
Phone: +44 7018 607 299

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ifs/r/ifs-announces-best-q1-results-in-company-history-with-26–increase-in-arr-yoy-and-20–increase-in-cl,c3968167

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